Financial Aid Question

[Anonymous]

I have a question about my families' ability to qualify for aid. Our HHI is about 200k, we both work for DC government and don't expect our salaries to increase any time soon. We can only afford to live in DC because a home was passed down to us from our grandparent however the home needs major improvements upwards of 350k or more. It has not been renovated since the 1980's. Currently there is no mortgage on the home and we want to take a home equity loan out to cover the renovations. My question is will we be able to earmark the cash that comes from the loan for home improvement and it not look like this money can be used towards tuition payments. The other option is to wait on taking the loan out but then my family will appear to be able to pay more tuition and we need to renovate our home before it becomes inhabitable.

[Anonymous]

Generally loan proceeds aren't considered income or assets; it would be a liability. And the forms all have places where you can explain anything about your finances. You can explain that you took out a HE loan to do necessary maintenance and improvments on the house. If it's stuff like repairing the roof and fixing major systems, they aren't going to hold that against you.

[Anonymous]

If you can’t afford it why do you want to ask the school to cover your bills? You should figure out how to afford it yourself and use financial aid as a last resort. Can you increase your income?

[Anonymous]

There is always a space to write specifics in the FA applications

[Anonymous]

Anonymous wrote:If you can’t afford it why do you want to ask the school to cover your bills? You should figure out how to afford it yourself and use financial aid as a last resort. Can you increase your income?

You're annoying

[Anonymous]

Anonymous wrote:Generally loan proceeds aren't considered income or assets; it would be a liability. And the forms all have places where you can explain anything about your finances. You can explain that you took out a HE loan to do necessary maintenance and improvments on the house. If it's stuff like repairing the roof and fixing major systems, they aren't going to hold that against you.

This is the answer.
Explain it in the available comment area and I doubt they will hold it against it you.

[Anonymous]

Anonymous wrote:If you can’t afford it why do you want to ask the school to cover your bills? You should figure out how to afford it yourself and use financial aid as a last resort. Can you increase your income?

First of all I work as a school leader so my income is fixed not sure where and how I would make significantly more money. No one is asking for the school to pay my bills. I expect to contribute something of course.

[Anonymous]

Anonymous wrote:

First of all I work as a school leader so my income is fixed not sure where and how I would make significantly more money. No one is asking for the school to pay my bills. I expect to contribute something of course.

This is hilarious.

You're a leader in DCPS and you have such little faith in the school system you lead you want to send your own child to a private school.

What does that say about you?

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you can’t afford it why do you want to ask the school to cover your bills? You should figure out how to afford it yourself and use financial aid as a last resort. Can you increase your income?

First of all I work as a school leader so my income is fixed not sure where and how I would make significantly more money. No one is asking for the school to pay my bills. I expect to contribute something of course.

You might want to think harder about how to increase your income and become full pay. Financial aid is the school covering your bills.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you can’t afford it why do you want to ask the school to cover your bills? You should figure out how to afford it yourself and use financial aid as a last resort. Can you increase your income?

You're annoying

Just being practical. Can you get into education consulting, private tutoring, test prep, or something more lucrative?

[Anonymous]

We didn’t qualify for aid with an HHI just under $200k. There’s a lot of variation between schools and a lot depends on the details of your assets. Go ahead and apply; as others have said, there is plenty of opportunity to explain the specifics of your situation. There’s no guarantee, however.

[Anonymous]

I do agree it is pretty interesting that DCPS government employee doesn't value DC public schools. Would you please explain why you are opting out of DCPS for your family.

[Anonymous]

Anonymous wrote:We didn’t qualify for aid with an HHI just under $200k. There’s a lot of variation between schools and a lot depends on the details of your assets. Go ahead and apply; as others have said, there is plenty of opportunity to explain the specifics of your situation. There’s no guarantee, however.

Did you also have no mortgage payments like this family?

To me, $200k with no mortgage seems more then enough to pay for private school tuition.

[Anonymous]

I know plenty of teachers and admin who don’t send their kids to the specific school that work for. Some in the public systems who send kids to private, some a private schools who send kids to public or to other privates. It’s ok for families to make separate determinations about job opportunities and the best education choice for their specific child.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We didn’t qualify for aid with an HHI just under $200k. There’s a lot of variation between schools and a lot depends on the details of your assets. Go ahead and apply; as others have said, there is plenty of opportunity to explain the specifics of your situation. There’s no guarantee, however.

Did you also have no mortgage payments like this family?

To me, $200k with no mortgage seems more than enough to pay for private school tuition.

We do have a mortgage, but if your argument is that having a mortgage would make it more likely to get aid, we still didn’t get aid and my point to op that they can certainly apply but nothing is guaranteed still holds.

We make (a bit) less than op and have greater debt (at least as far as mortgage), and still didn’t get aid, is my point.